Bitcoin investors are increasingly cashing in on profits as the cryptocurrency stalls just above the $100,000 mark, according to a warning from on-chain market analytics firm Glassnode. Despite having recently led a significant bull run across the crypto market, Bitcoin’s momentum now appears to be weakening.
Over the past week, Bitcoin surged from $93,000 to over $105,000, sparking new demand. However, analysts are now raising concerns about slowing growth. The broader crypto market remains in a bullish phase, but key cryptocurrencies, including Bitcoin, have seen a deceleration in their upward trajectories.
Bitcoin’s value has dropped by 3.10% in the past 24 hours, trading at $101,266.49, as profit-taking from existing holders accelerates. This price correction is attributed to the absence of momentum buyers—those who typically fuel prolonged price surges. As these buyers remain inactive, the selling pressure from profit-takers is beginning to outweigh new market entrants.
While first-time buyers continue to show strong interest, the asset’s short- to mid-term outlook is uncertain. Bitcoin’s momentum RSI stands at a weak 11, signaling a slowdown in its price rally. Although the current bull run has not yet shown signs of ending, Bitcoin may face a period of consolidation as it struggles to maintain upward momentum amid ongoing profit-taking.
Despite these challenges, Bitcoin’s First-Time Buyer RSI has remained at 100 throughout the week, reflecting sustained interest from new investors. Market speculation suggests that the bull run could resume soon, particularly as institutional investors continue their accumulation strategies.
Related Topics:
